Texas Teacher Retirement System, Austin, disclosed a total of $711 million commitments in its energy, natural resources and infrastructure asset class and private equity asset class, according to a September transaction report provided by spokesman Rob Maxwell.
Within its energy, natural resources and infrastructure asset class, the $187.7 billion pension fund committed $125 million to opportunistic energy buyout fund Energy Capital Partners V; $100 million each to energy fund Formentera Partners TRS CIV and Ridgewood Energy Oil & Gas Fund V; and $36 million to Riverstone Nolan Continuation Fund, managed Riverstone Holdings.
All are existing managers. Previous commitments include $150 million to Energy Capital Partners IV-A in 2018, $100 million to Formentera Partners Fund II earlier this year, $250 million to Ridgewood Energy Oil & Gas Fund III in 2015 and $150 million to Riverstone Global Energy and Power Fund VI, also in 2015.
As of June 30, the actual allocation to energy, natural resources and infrastructure was 6.6%; its long-term policy target is 6%.
Within its private equity asset class, the pension fund committed $125 million to buyout fund TPG Asia VIII (A) and $75 million each to Amulet Capital Fund III, a buyout fund managed by Amulet Capital Partners; buyout fund Gridiron Capital Fund V, and StepStone VC Zilker Fund, a venture capital fund managed by StepStone Group.
Amulet Capital, Gridiron Capital and StepStone are all new managers for the pension fund. TPG is a long-time manager for the pension fund. TRS' most recent commitments, both in 2022, were $240 million to TPG Partners IX and $60 million to TPG Healthcare Partners II.
As of June 30, the actual allocation to private equity was 17.2%; its long-term policy target is 14%.